2026_83_RFP_FPS_Banking_Services_FINAL.pdf

Request for Proposals

City of Minneapolis Finance and Property Services

Banking Services

RFP2026-83 / Event #0000004312 Issue Date: September 21, 2026

Proposals Due by: October 22, 2026 at 2:00 PM CT

Table of Contents

RFP General Information Page

I. Invitation II. Proposal Submittal III. Proposal Format IV. Evaluation of Proposals – Consultant Selection V. Schedule VI. Contract VII. Department Contact/Request for Clarification VIII. Rejection of Proposals IX. Addendum to the RFP X. Data Practices

Attachment A - Terms and Conditions for RFP Attachment B – Scope of Services – Depository Services Attachment C – Scope of Services – Lockbox Attachment D – Scope of Services – Prepaid Cards Attachment E – Proposed Fees for Depository Banking ................................................ (attached separately) Attachment F – Data Privacy Questionnaire Attachment G – Technology Requirements Matrix Attachment H – Financial Institution Disclosure Form for Responsible Banking

Exhibit A: Current Account Structure (attached separately)

REQUEST FOR PROPOSALS

FOR

Banking Services

I. INVITATION: It is the intention of the City of Minneapolis (the “City”) to solicit proposals for banking services from qualified financial institutions. These services will include general depository banking, lockbox services, and prepaid card services. The City may also select a financial institution to serve as a “secondary bank”, to maintain a separate account for ad hoc or business continuity purposes, but no business is guaranteed to the “secondary bank”. These services are planned to begin April 1, 2027 and extend through March 31, 2030 with the option for the City to renew two one-year extensions under the same fees. All of these financial institutions are hereinafter referred to as “Consultants.” The City may contract with one or more Consultants to provide the banking services detailed in attachments B-F. The City may at any time during the life of the contract, adjust the number of products and services implemented with any one Consultant. Upon expiration of the initial term or periods of extension, the Consultant(s) will agree to continue services under the same fees, terms and conditions of the contract for such period of time as is reasonably necessary to re-solicit and select a new Consultant(s).

II. PROPOSAL SUBMITTAL

All proposals must be submitted electronically through the eSupplier Portal. If you are already a City supplier you should have received an email containing your eSupplier User ID and Password. If you do not remember your password, click on the “Forgot Password” tile to enter your User ID and a new password will be emailed to you. If you are not already a City supplier, click on the eSupplier link below and then click on the “Bidder/Payee Registration” tile to register. If you need further assistance with eSupplier, please send an email to eprocurement@minneapolismn.gov.

A Consultant may offer proposals for any or all services described in the Attachments.

eSupplier Portal – Electronic Proposal Submission https://comet-fs.ci.minneapolis.mn.us/psc/supplier

NOTE: Late Proposals will not be accepted.

III. PROPOSAL FORMAT: The Consultant shall provide the appropriate information in sufficient detail to demonstrate that the evaluation criteria has been satisfied as specified in the Section titled “EVALUATION OF PROPOSALS”. A Consultant may offer proposals for any or all services described in the Attachments.

To allow for easier comparison of proposals during evaluation, proposals should contain the following sections and appendices and be arranged in consecutive order.

1. Executive Summary - The Executive Summary should include a clear statement of the Consultant’s understanding of the RFP and a brief summary of the Scope of Work. Include an outline of the contents of the proposal and a summary of which of the respective services the proposal includes.

2. Scope of Services – In response to the questions included in Attachments B-D, provide numbered answers and information for the questions included in each respective attachment.

mailto:eprocurement@minneapolismn.gov https://comet-fs.ci.minneapolis.mn.us/psc/supplier

3. Cost/Fees – Complete Attachment E indicating proposed depository banking services fees for the sample transaction volume presented in the Attachment.

4. Technical Considerations – Complete Attachments F and G as they relate to the technical aspects for any systems included in proposals (e.g. SaaS, Applications, or Online Portals the City would utilize within the Scope of Services).

5. Disclosure Form – Complete Attachment H: Financial Institutions Disclosure Form for

Responsible Banking.

IV. EVALUATION OF PROPOSALS – SELECTION OF CONSULTANT: Proposals for each service described in the Attachments will be reviewed by an Evaluation Panel made up of representatives of the City of Minneapolis, Finance & Property Services Department and other City staff assistance as required.

A secondary bank will be evaluated based on the proposals for the services described in Attachment B.

Evaluations will be based on the required criteria listed in the Section titled “PROPOSAL FORMAT”, and the following:

(1) Quality, thoroughness, and clarity of proposal (PASS/FAIL)

(2) How well the answers provided to the Attachments meet the Scope of Services needed, Scored based on:

(a) Functional Capabilities

(b) Technical Integration Capabilities

(c) Risk Management & Controls

(d) Service & Support

(e) Cost & Pricing

(f) Implementation Capability

V. SCHEDULE: The following is a listing of key Proposal and Project milestones and duration:

RFP Release September 21, 2026 Questions on RFP Due by October 2, 2026 Responses to Questions posted by October 9, 2026 Proposals due by October 22, 2026 at 2:00 PM Estimated Consultant selection November 20, 2026 Estimated services start date April 1, 2027 Estimated services end date March 31, 2030 Duration of contract (not to exceed 5 years) 3 + 1 + 1

VI. CONTRACT: The contracting parties will be the City of Minneapolis and the Consultant(s)s selected to provide the services as described herein. The selected proposal(s), along with the RFP and any counter proposal, will be incorporated into a formal agreement after negotiations. It is the intent of the City to award contracts for each of the services described for a term of three (3) years with an option to extend the contract on an annual basis, at the sole option of the City, for two (2) additional years.

VII. DEPARTMENT CONTACT/REQUESTS FOR CLARIFICATION: The Consultant’s primary interface with the City will be with the Contract Manager who will act as the City’s designated representative for the Project. Prospective responders shall direct inquiries/questions in writing only to:

Contract Manager: Dave Wheeler, Director – Banking, Investments & Debt Email: david.wheeler@minneapolismn.gov

Responses to the questions will be posted to the current event in the eSupplier Portal – Contracting Opportunities.

The Contract Manager is the only individual who can be contacted regarding the Project before proposals are submitted. The Contract Manager cannot vary the terms of the RFP.

VIII. REJECTION OF PROPOSALS: The City does not promise to accept the lowest cost proposal and specifically reserves the right to reject any or all proposals, to waive any formal proposal requirements, to investigate the qualifications and experience of any Consultant, to reject any provisions in any proposal, to obtain new proposals, to negotiate the requested services and contract terms with any Consultant, or to proceed to do the work otherwise. Incomplete proposals and proposals not sufficiently detailed or not in acceptable form may be rejected by the City.

IX. ADDENDUM TO THE RFP: If any addendum is issued for the RFP, it will be posted as an attachment to the current event. The City reserves the right to cancel or amend the RFP at any time.

X. DATA PRACTICES: Data you provide in response to this RFP will be subject to the Minnesota Government Data Practices Act and may be available to the public. Minn. Stat. 13.591 classifies Business Data and subdivision 3specifically addresses data submitted in response to an RFP. If you are submitting specific data which you believe meets the definition of trade secret data as defined in Minn. Stat. 13.37, please indicate this on the documents containing the data. The City may ask you to establish that the data meets all of the conditions set forth in Minn. Stat. 13.37, subdivision 1(b).

mailto:david.wheeler@minneapolismn.gov

ATTACHMENT A: CITY OF MINNEAPOLIS TERMS AND CONDITIONS FOR

PROFESSIONAL SERVICES CONTRACTS OVER $175,000

(Revised: May 6, 2026) - FPS Banking Services RFP

The General Conditions are terms and conditions that the City expects its Contractors and Consultants (“Contractor”) to meet. The Contractor agrees to be bound by these requirements unless otherwise noted in any Proposal to which these terms are attached. Some negotiation is possible to accommodate the Contractor’s suggestions.

1. General Compliance

The Contractor agrees to comply with all applicable Federal, State and local laws and regulations governing the services performed and funds provided under the Contract.

2. Equal Opportunity Statement The Contractor agrees to comply with applicable provisions of federal, state and city regulations, statutes and ordinances pertaining to the civil rights of and non-discrimination in the application for and employment of applicants, employees, subcontractors and suppliers of the Contractor. The federal, state and city statutes and ordinances to which the Contractor shall be subject under the terms of this Contract include, without limitation, Minnesota Statutes, Section 181.59 and Chapter 363A, Minneapolis Code of Ordinances Chapter 139, 42 U.S.C. Section 2000e, et. seq. (Title VII of the Civil Rights Act of 1964), 29 U.S.C. Sections 621-624 (the Age Discrimination in Employment Act), 42 U.S.C. Sections 12101-12213 (the Americans with Disability Act), 29 U.S.C. Section 206(d) (the Equal Pay Act), 8 U.S.C. Section 1324 (the Immigration Reform and Control Act of 1986), and all regulations and policies promulgated to enforce these laws. The Contractor shall have submitted and had an “affirmative action plan” approved by the City prior to entering into a Contract.

3. Anti-Discrimination Statement

The Contractor agrees to comply with applicable provisions of federal, state and city regulations, statutes and ordinances pertaining to the civil rights and non-discrimination in any provision of services contracted for under this Contract, such that the contracted services are provided without discrimination based on race, color, creed, religion, ancestry, national origin, sex, sexual orientation, familial status, gender identity, disability, age, marital status, status with regard to a public assistance program, housing status, justice-impacted status, height and weight, or any combination thereof.

4. Compliance with Web Content Accessibility Guidelines

The Contractor agrees that web content and mobile applications created pursuant to this Contract shall be compliant with the requirements and standards of the Americans with Disabilities Act and the Web Content Accessibility Guidelines Version 2.1, Level AA unless a legal exception or exemption applies.

5. Insurance Insurance secured by the Contractor shall be issued by insurance companies acceptable to the City and admitted in Minnesota. The insurance specified may be in a policy or policies of insurance, primary or excess. Such insurance shall be in force on the date of execution of the Contract and shall remain continuously in force for the duration of the Contract.

Acceptance of the insurance by the City shall not relieve, limit or decrease the liability of the Contractor. Any policy deductibles or retention shall be the responsibility of the Contractor. The City does not represent that the insurance requirements are sufficient to protect the Contractor’s interests or provide adequate coverage. Evidence of coverage is to be provided on a current ACORD Form, Insurance Declaration. A thirty (30) day written notice is required if the policy is canceled, not renewed or materially changed.

The Contractor shall require any of its sub-contractors, if sub- contracting is allowable under this Contract, to comply with these provisions.

The Contractor and its subcontractors shall secure and maintain the following insurance:

a) Workers Compensation insurance that meets the statutory obligations with

Coverage B- Employers Liability limits of at least $100,000 each accident, $500,000 disease - policy limit and $100,000 disease each employee.

b) Commercial General Liability insurance with limits of at least $2,000,000 general aggregate, $2,000,000 products - completed operations $2,000,000 personal and advertising injury, $300,000 each occurrence fire damage and $5,000 medical expense any one person. The policy shall be on an “occurrence” basis, shall include contractual liability coverage and the City shall be named an additional insured. The amount of coverage will be automatically increased if the project amount is expected to exceed $2,000,000 or involves potentially high-risk activity.

c) Commercial Automobile Liability insurance covering all owned, non-owned and hired automobiles with limits of at least $1,000,000 per accident.

d) Professional Liability Insurance or Errors & Omissions Insurance providing coverage for 1) the claims that arise from the errors or omissions of the Contractor or its subcontractors and 2) the negligence or failure to render a professional service by the Contractor or its subcontractors. The insurance policy should provide coverage in the amount of $2,000,000 each claim and $2,000,000 annual aggregate. The insurance policy must provide the protection stated for two years after the expiration of the contract.

e) Cyber Liability for the duration of this agreement providing coverage for, but not limited to, Technology and Internet Errors & Omissions, Security and Privacy Liability, and Media Liability. Insurance will provide coverage against claims that arise from the disclosure of not public information from files including but not limited to: 1) Intentional, fraudulent or criminal acts of the Contractor, its agents or employees. 2) Breach of the City’s not public data, whether electronic or otherwise. The insurance policy should provide minimum coverage in the amount of $1,000,000 per occurrence and $2,000,000 annual aggregate. If written on a Claims-Made basis, the policy must provide an extended reporting period and have a retroactive date that on or before the date of this Contract or the date Contractor commences work, whichever is earlier.

6. Indemnity and Hold Harmless

The Contractor will defend, indemnify and hold harmless the City and its officers and employees from all liabilities, claims, damages, costs, judgments, lawsuits and expenses, including court costs and reasonable attorney’s fees regardless of the Contractor’s insurance coverage, arising directly from any negligent act or omission of the Contractor, its employees, agents, by any sub-contractor or sub-consultant, and by any employees of the sub-contractors and sub-consultants of the Contractor, in the performance of work and delivery of services provided by or through this Contract or by reason of the failure of the Contractor to perform, in any respect, any of its obligations under this Contract. If a Contractor is a self-insured agency of the State of Minnesota, the terms and conditions of Minnesota Statutes, section 3.732 et seq. shall apply with respect to liability bonding, insurance, and liability limits. The provisions of Minnesota Statutes, Chapter 466 shall apply to other political subdivisions of the State of Minnesota.

7. Subcontracting

The Contractor shall not sub-consult or sub-contract any services under this Contract unless authorized in writing by the City. The Contractor shall provide written notice to the City and obtain the City’s authorization to sub-contract any work or services to be provided to the City pursuant to this Contract. As required by Minnesota Statutes, Section 471.425, the Contractor shall pay all subcontractors for subcontractor’s undisputed, completed work, within ten (10) days after the Contractor has received payment from the City.

8. Assignment or Transfer of Interest

The Contractor shall not assign any interest in the Contract, and shall not transfer any interest in the same either by assignment or novation, without the prior written approval of the City which will not be withheld or delayed unreasonably.

9. Performance Monitoring The City will monitor the performance of the Contractor against goals and performance standards required herein. Substandard performance as determined by the City will constitute non-compliance with this Contract. If action to correct such substandard performance is not taken by the Contractor within a reasonable period of time to cure such substandard performance after being notified by the City, contract termination procedures will be initiated. All work submitted by Contractor shall be subject to the approval and acceptance by the City Department Contract Manager designated herein.

The City Department Contract Manager designated herein shall review each portion of the work when certified as complete and submitted by the Contractor and shall inform the Contractor of any apparent deficiencies, defects, or incomplete work, at any stage of the project.

10. Prior Uncured Defaults Pursuant to Section 18.110 of the City’s Code of Ordinances, the City may not contract with persons or entities that have defaulted under a previous contract or agreement with the City and have failed to cure the default.

11. Independent Contractor

Nothing contained in this Contract is intended to, or shall be construed in any manner, as creating or establishing the relationship of employer/employee between the parties.

The Contractor shall at all times remain an independent Contractor with respect to the work and/or services to be performed under this Contract. Any and all employees of Contractor or other persons engaged in the performance of any work or services required by Contractor under this Contract shall be considered employees or subcontractors of the Contractor only and not of the City; and any and all claims that might arise, including Worker’s Compensation claims under the Worker’s Compensation Act of the State of Minnesota or any other state, by or on behalf of said employees or other persons while so engaged in any of the work or services to be rendered or provided herein, shall be the sole obligation and responsibility of the Contractor.

12. Accounting Standards

The Contractor agrees to maintain the necessary source documentation and enforce sufficient internal controls as dictated by generally accepted accounting practices (GAAP) to properly account for expenses incurred under this Contract.

13. Retention of Records Pursuant to Minnesota Statutes, Section 138.17 and Section 15.17, the Contractor shall retain all records pertinent to expenditures incurred under this Contract in a legible form for a period of six years commencing after the later of contract close-out or resolution of all audit findings. Records for non-expendable property acquired with funds under this Contract shall be retained for six years after final disposition of such property.

14. Audit Requirements for Cloud-Based Storage of City Data

If the Contractor’s services include the storage of City data using a cloud-based solution, then the Contractor agrees to secure the data as though it were “private data” as defined in Minnesota Statutes, Chapter 13. The Contractor shall provide the City with the annual copy of the Federal Standards for the Statement on Standards for Attestation Engagements (SSAE) No. 18 or the International Standard on Assurance Engagements (ISAE) No. 3402. The Contractor agrees to provide a .pdf copy to the City’s Contract Manager, upon the Contractor’s receipt of the audit results.

15. Data Practices

The Contractor agrees to comply with the Minnesota Government Data Practices Act (Minnesota Statutes, Chapter 13) and all other applicable state and federal laws relating to data privacy or confidentiality. The requirements of Minnesota Statutes, Section

13.05, subdivision 11 apply to companies or individuals who perform under a government contract. The Contractor and any of the Contractor’s sub-consultants or sub-contractors retained to provide services under this Contract shall comply with the Act and be subject to penalties for non-compliance as though they were a “governmental entity.” The Contractor must immediately report to the City any requests from third parties for information relating to this Contract. The City agrees to promptly respond to inquiries from the Contractor concerning data requests. The Contractor agrees to hold the City, its officers, and its employees harmless from any claims resulting from the Contractor’s unlawful disclosure or use of data protected under state and federal laws.

The Contractor’s duty to comply with Minn. Stat. Chap. 13 and all other applicable federal and state laws relating to the protection of data will continue past the expiration of this contract. The requirements of this paragraph shall apply regardless of the location of the data.

16. Cardholder Data and Security Standards

Should the Contractor collect revenue on behalf of the City through the acceptance of credit cards offered by cardholders to pay for services offered under the terms of this Contract, then Contractor represents and acknowledges that the Contractor will comply with Payment Card Industry (PCI) regulatory standards including the Data Security Standards (DSS). Contractor represents that it will protect cardholder data. Contractor will be annually certified as a PCI compliant service provider and agrees to provide evidence of said certification to the City upon request. Contractor agrees at reasonable times to provide to the City or to its assigns, the audit rights contained herein for all physical locations, systems or networks that process credit cards on behalf of the City.

Contractor also agrees to provide written notice to the City of any breach of a system owned, operated or maintained by the Contractor that contains cardholder data or information.

17. Inspection of Records

Pursuant to Minnesota Statutes, Section 16C.05, all books, records, documents and accounting procedures and practices of the Contractor with respect to the matters covered by this Contract shall be made available to the City and the State of Minnesota, Office of the State Auditor or Legislative Auditor, as appropriate, or their designees upon notice, at any time during normal business hours, as often as the City deems necessary, to audit, examine, and make excerpts or transcripts of all relevant data.

18. Living Wage Ordinance

The Contractor may be required to comply with the “Minneapolis Living Wage and Responsible Public Spending Ordinance” Chapter 38 of the City’s Code of Ordinances (the “Ordinance”). Unless otherwise exempt from the ordinance as provided in Section

38.40 (c), any City contract for services valued at $100,000 or more or any City financial assistance or subsidy valued at $100,000 or more will be subject to the Ordinance’s requirement that the Contractor and its subcontractors pay their employees a “living wage” as defined and provided for in the Ordinance.

https://library.municode.com/mn/minneapolis/codes/code_of_ordinances?nodeId=COOR_TIT2AD_CH38LIWAREPUSPRE https://library.municode.com/mn/minneapolis/codes/code_of_ordinances?nodeId=COOR_TIT2AD_CH38LIWAREPUSPRE

19. Applicable Law The laws of the State of Minnesota shall govern all interpretations of this Contract without regard to conflict of law rules, and the appropriate venue and jurisdiction for any litigation which may arise hereunder will be in those courts located within the County of Hennepin, State of Minnesota, regardless of the place of business, residence or incorporation of the Contractor.

20. Conflict and Priority

If the Contract was awarded by RFP and in the event that a conflict is found between provisions in this Contract, the Contractor’s Proposal or the City’s Request for Proposals, the provisions in the following rank order shall take precedence: 1) Contract; 2) Proposal; and last 3) Request for Proposals.

21. Travel If travel by the Contractor is allowable and approved for this Contract, then Contractor travel expenses shall be reimbursed in accordance with the City’s Contractor Travel Reimbursement Conditions.

22. Conflict of Interest/Code of Ethics

Pursuant to Section 15.250 of the City’s Code of Ordinances, both the City and the Contractor are required to comply with the City’s Code of Ethics. Chapter 15 of the Code of Ordinances requires City officials and the Contractor to avoid any situation that may give rise to a “conflict of interest.” A “conflict of interest” will arise if Contractor represents any other party or other client whose interests are adverse to the interests of the City.

As it applies to the Contractor, the City’s Code of Ethics will also apply to the Contractor in its role as an “interested person” since Contractor has a direct financial interest in this Agreement. The City’s Code of Ethics prevents “interested persons” from giving certain gifts to employees and elected officials.

23. Termination, Default and Remedies

The City may terminate this Contract for any reason without cause upon thirty (30) days’ written notice. Both the City and the Contractor may terminate this Contract if either party fails to fulfill its obligations under the Contract in a proper and timely manner, or otherwise violates the terms of this Contract. The non-defaulting party shall have the right to terminate this Contract, if the default has not been cured after ten (10) days’ written notice or such other reasonable time period to cure the default has been provided. The City reserves the right to terminate this Contract without penalty, effective immediately, if circumstances arise which prevent the City from commencing or continuing the Contract, or if it is determined that the City was fraudulently induced to enter into the Contract. In such a situation, the City will issue a written notice to “stop work” and demand the Contractor mitigate any Contract-related expenses.

If termination shall be without cause, the City shall pay Contractor all compensation earned to the date of termination. If the termination shall be for breach of this https://www.minneapolismn.gov/government/charter-and-code-of-ordinances/city-policies/overnight-travel-policy/documents/

Contract by Contractor, the City shall pay Contractor all compensation earned prior to the date of termination minus any damages and costs incurred by the City as a result of the breach

Notwithstanding the above, the Contractor shall not be relieved of liability to the City for damages sustained by the City as a result of any breach of this Contract by the Contractor. The City may, in such event, withhold payments due to the Contractor for the purpose of set-off until such time as the exact amount of damages due to the City is determined. The rights or remedies provided for herein shall not limit the City, in case of any default by the Contractor, from asserting any other right or remedy allowed by law, equity, or by statute. The Contractor has not waived any rights or defenses in seeking any amounts withheld by the City or any damages due the Contractor.

24. Ownership of Materials

Unless otherwise expressly provided by the Contract, all finished or unfinished documents, data, studies, surveys, maps, models, photographs, reports or other materials resulting from this Contract, including summaries of data and derived data, shall become the property of the City upon the City’s payment for and final approval of the final report or upon payment and request by the City at any time before then.

The City at its own risk, may use, extend, or enlarge any document produced under this Contract without the consent, permission of, or further compensation to the Contractor.

If the Contract is canceled or terminated, all finished or unfinished documents, data, studies, surveys, maps, models, photographs, reports or other materials prepared by the Contractor under this Contract shall, at the option of the City, become the property of the City, and the Contractor shall be entitled to receive just and equitable compensation for any satisfactory work completed on such documents or materials prior to the termination.

25. Intellectual Property

All Work produced by the Contractor under this Contract is classified as “work for hire” and upon payment by the City to the Contractor will be the exclusive property of the City and will be surrendered upon demand to the City immediately upon completion, expiration, or cancellation of this Contract. “Work” covered includes all reports, notes, studies, photographs, designs, drawings, specifications, materials, tapes or other media and any databases established to store or retain the Work. The Contractor may retain a copy of the work for its files in order to engage in future consultation with the City and to satisfy professional records retention standards.

The Contractor represents and warrants that the Work does not and will not infringe upon any intellectual property rights of other persons or entities.

Each party acknowledges and agrees that each party is the sole and exclusive owner of all right, title, and interest in and to its services, products, software, source and object code, specifications, designs, techniques, concepts, improvements, discoveries and inventions including all intellectual property rights thereto, including without limitations any modifications, improvements, or derivative works thereof, created prior to, or independently of the contract, during the terms of this Contract.

This Contract does not affect the ownership of each party’s pre-existing, intellectual property. Each party further acknowledges that it acquires no rights under this Contract to the other party’s pre-existing intellectual property, other than any limited right explicitly granted in this Contract.

26. City Open Data Policy

The City has adopted an Open Data Policy (“Policy”). The City owns all Data Sets as part of its compliance with this Policy. Data Sets means statistical or factual information: (a) created by the Contractor and contained in structural data sets; and

(b) regularly created or maintained by or on behalf of the City or a City department which supports or contributes to the delivery of services, programs, and functions.

The City shall not only retain ownership of all City Data Sets, but also all information or data created through the City’s use of the software and /or software applications licensed by the Contractor (or any subcontractor of sub-consultant of the Contractor) to the City.

The City shall also retain the right to publish all data, information and Data Sets independently of this Contract with the Contractor and any of Contractor’s subcontractors or sub-consultants involved in providing the Services, using whatever means the City deems appropriate.

The City shall have the right to access all data, regardless of which party created the content and for whatever purpose it was created. The Contractor shall provide bulk extracts that meet the public release criteria for use in and within an open data solution. The Contractor shall permit and allow free access to City information and Data Sets by using a method that is automatic and repeatable. The Data Sets shall permit classification at the field level in order to exclude certain data.

27. Artificial Intelligence Technology Use

i) Definitions. For the purposes of this Section: “AI Tool” means [any and all machine learning, deep learning, and other artificial intelligence (“AI”) technologies, including statistical learning algorithms, models (including large language models), neural networks, and other AI technology or methodologies, all software implementations of any of the foregoing, and related hardware or equipment capable of generating various types of content (including text, images, video, audio, or computer code) based on user-supplied prompts.

ii) Disclosure on Use of AI tools. Contractor must notify the City of any work product, as defined by the scope of services in this agreement, which was created in whole or in-part by the use of AI tools.

iii) Prohibition on Use or Input of Privileged, Confidential and Not-Public Data into an AI tool. Except with the express written approval by the City or pursuant to express terms of this agreement, Contractor will not, and will not permit any Person to, input or use any privileged or confidential and not-public data, pursuant to the Minnesota Government Data Practices Act, into any AI tool, including:

(i) to develop, train, retrain, tune, validate, modify, update, or otherwise improve any AI Tool; or

(ii) in prompts for any AI Tool.

iv) Use of AI Features and AI Contractor Output. Contractor is solely responsible for: (a) evaluating suitability of AI tools for delivering on scope of services in this agreement ; (b) Contractor’s use and operation of the AI tools in accordance with relevant standards, including ensuring human oversight and monitoring; (c) evaluating (including by human review) AI Tool output for accuracy, completeness, lawfulness (including for trademark and copyright violation), and other factors relevant to Contractor’s use before delivering work to the City; and (d) Contractor’s decisions, actions, and omissions in reliance or based on the use of any AI Tool.

28. Equal Benefits Ordinance Minneapolis Code of Ordinances, Section 18.180, relating to equal benefits for domestic partners, applies to each Contractor and subcontractor with 21 or more employees that enters into a “contract”, as defined by the ordinance that exceeds $175,000. The categories to which the ordinance applies are personal services; the sale or purchase of supplies, materials, equipment, or the rental thereof; and the construction, alteration, repair or maintenance of personal property. The categories to which the ordinance does not apply include real property and development contracts.

Please be aware that if a “contract”, as defined by the ordinance, initially does not exceed $175,000, but is later modified so the Contract does exceed $175,000, the ordinance will then apply to the Contract. It is the Contractor’s and subcontractor’s responsibility to review and understand the requirements and applicability of this ordinance.

29. Small & Underutilized Business Program (SUBP) Requirements

The City of Minneapolis’ policy is to provide equal opportunities to all businesses, with an effort to redress discrimination in the City’s marketplace and in public contracting against Minority-Owned Business Enterprises (MBEs) and Women- Owned Business Enterprises (WBEs). Consultant must comply with the Small & Underutilized Business Program (SUBP), as detailed in Chapter 423 of the Minneapolis Code of Ordinances. The SUBP Ordinance applies to any contract in excess of one hundred and seventy five thousand dollars ($175,000). SUBP goals are set on contracts based on project scope, subcontracting opportunities, and availability of qualified MBEs/WBEs.

There are no specific SUBP goals on this RFP. However, if there are subcontracting opportunities, Consultant shall inform the Contract Manager to obtain authorization as stated under the section titled “Subcontracting” in the Terms and Conditions.

Consultant is encouraged to afford MBEs and WBEs full and fair opportunities to compete on this contract and resulting subcontracts. The SUBP only recognizes MBEs/WBEs certified through the Central Certification Program (CERT). To locate certified MBEs/WBEs, please visit the CERT online directory.

30. Miscellaneous Provisions

1. Successors and Assigns – This Contract shall be binding upon and inure to the benefit of the successors and assigns of the City and of the Contractor.

2. Severability – If any provision of this Contract is held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision, and this Contract shall be construed and enforced as if such invalid or unenforceable provision had not been included.

https://library.municode.com/mn/minneapolis/codes/code_of_ordinances?nodeId=COOR_TIT2AD_CH18PU_18.180EQBEPRCO https://cert.smwbe.com/FrontEnd/searchcertifieddirectory.asp

3. No Partnership or Joint Venture – Neither the City nor the Contractor is an agent, partner, or joint venturer of the other for any purpose or has any authority to bind the other.

4. No Third-Party Beneficiaries – This Contract does not create any third-party beneficiary rights in any individual or entity that is not a party to this Contract.

5. Waiver – Failure to enforce any provision of this Contract does not affect the rights of the parties to enforce such provision in another circumstance.

Neither does it affect the rights of the parties to enforce any other provision of this Contract at any time.

6. Amendments – This Contract may only be modified or changed by written amendment signed by authorized representatives of the City and the Contractor.

7. Electronic Signatures and Counterparts – This Contract may be executed in counterparts, each of which has the effect of an original. An electronic signature will be deemed an original signature.

8. Entirety of Contract – This Contract and the Attachments/Exhibits thereto, constitute the entire and exclusive Contract of the parties.

ATTACHMENT B: SCOPE OF WORK – DEPOSITORY BANKING SERVICES

A. OVERVIEW

The City currently maintains eight (8) bank accounts all of which, except for two interest-bearing accounts, are tied as ZBA (Zero Balance) accounts to the General Operating account. (See Exhibit A) Any or all City funds may be maintained and invested by the City outside this contract. The City will be under no obligation to maintain time or demand funds in the bank except for use as a compensating balance. The City currently uses a PeopleSoft ERP system and is currently in the process of implementing and migrating to Workday.

The City is also in the process of implementing a centralized payment platform for revenue and payment collection.

Historical available balances for the accounts are outlined below based on a twelve-month average of the accounts. The City may make changes to this account structure before or during the contract period.

Description Average Daily Balance Acct Structure General Operating $ 5,700,000 Master DDA General Depository $ 1,500,000 ZBA Transfer to DDA Credit Card Depository $ 113,000 ZBA Transfer to DDA Park Board Depository $ 11,000 ZBA Transfer to DDA Ramps and Lots Depository $ 32,000 ZBA Transfer to DDA Controlled Disbursement-Payables $ 3,203,000 ZBA Funded by DDA Controlled Disbursement-Payroll $ 760,000 ZBA Funded by DDA Property & Evidence Checking $ 4,500 Independent Account

General Operating: The City’s primary banking activities occur in the General Operating Account. This account is used to consolidate the City’s funds for more efficient and timely investments and to ensure that vendor payments and employee paychecks are properly funded. The account also funds debt service wires and federal and state payroll and state sales tax payments. Deposits from seven (7) lockboxes are posted to the General Operating Account including utilities, city receivables, CPED, business licensing, regulatory services, health, and public works. Utility payments from online bill customers and from customers paying on the City’s website also post to the General Operating Account. A cash sweep is used to invest end of the day balances.

General Depository: The General Depository Account receives cash deposits from departments and divisions throughout the City. This includes city receivables, permits and licenses, utilities, convention center, animal control, and the impound lot. Deposits are prepared and sent to the bank daily by armored car. Tied to the General Depository Account are check scanners at eight remote locations that deposit checks electronically same day to the Bank. The General Depository Account also receives ACH payments and incoming wire transfers from hundreds of business customers.

Credit Card Depository: The City maintains over 90 merchant locations for processing credit card payments.

(Parking merchant locations are posted to the Ramps & Lots Depository Account) Credit card settlements are received daily from the City’s acquiring bank and from American Express.

Park Board Depository: The Parks and Recreation Department maintains approximately 70 recreational centers and golf courses. Deposits from these locations are primarily processed from spring through fall.

Some locations also process deposits in the winter. Location numbers are assigned to each of the Parks Department locations and each location has deposit tickets with their unique location number and address.

Deposits are identified on the bank statement by name and location number. Majority of the deposits are sent to the City’s Public Service Building to be delivered to the cash vault via armored car. Certain Park Board locations use Park Police to pick up and deliver bags to a branch/depository location. These deposits are post verified deposits and are not counted at the time of delivery.

Ramps and Lots Depository: The City’s Parking Services Division manages over 15 parking ramps and lots.

Parking customers may pay by check for monthly parking. These checks are processed and deposited by a third-party operator. Location numbers are assigned to each of the parking locations and each location has deposit tickets with their unique location number and address. Deposits are identified on the bank statement by name and location number. The Parking Division also manages thousands of parking meters, all of which have the ability to accept quarters. These quarters are collected daily and deposited in bags of $1000 by the third-party operator. As of September 2018, credit card deposits for the parking division are also posted to this account.

Controlled Disbursement - Payables: The City annually distributes 28,000 ACH payments, 900 commercial card payments and 21,000 checks to City’s suppliers.

Controlled Disbursement - Payroll: About 300 payroll checks and 4,200 direct deposits are issued biweekly.

Total net payroll runs approximately $14 million bi-weekly. During the summer, approximately 1,500 additional employees are hired through the City’s summer youth programs.

Property & Evidence Checking: The Police Department maintains a checking account to deposit and pay out property & evidence claims. Activity in this account is about 30 checks and four deposits monthly.

B. GENERAL REQUIREMENTS

As described in the attachment, the selected financial institution will provide:

• Complete depository banking account services

• Treasury management services

• Cash management, checking, and currency services

• Electronic payment services

• Secure digital banking services

• Fraud prevention services

• Treasury reporting and analytics

• Implementation and conversion support

• Ongoing relationship management

• Technical support

• Disaster recovery capabilities and business continuity support

C. DEPOSITORY SERVICES

The Bank shall provide comprehensive depository services including, but not limited to:

• Demand Deposit Accounts

• Zero Balance Accounts (ZBA)

• Concentration accounts

• Controlled disbursement accounts

• Investment sweep accounts (if applicable)

• Fiduciary accounts

• Payroll accounts

• Purchasing card settlement accounts

• Merchant settlement accounts

• Auxiliary accounts

The City will reserve the right to add or eliminate accounts throughout the contract term.

Questions

1. Describe your ability to replicate the current account structure.

2. Describe any recommended changes to the account structure and the expected benefit of the change

(i.e. achieve cost savings, operational efficiency, effectiveness of controls, etc.)

3. Describe your process and time requirement for opening new accounts.

4. Describe your process and time requirement for closing accounts.

5. Describe any automated account maintenance capabilities.

6. Identify any account limitations.

7. Describe your collateralization process and confirm understanding of and ability to comply with the state statute.

8. Explain how collateral values are monitored and reported.

9. Describe available account analysis services.

10. Describe the available sweep options, transaction times (e.g. end of day or next day), and sweep activity reporting.

D. CASH MANAGEMENT, CURRENCY, AND CHECKING SERVICES

The Bank shall provide:

• Cash vault services

• Armored courier processing

• Coin and currency ordering

• Change orders

• Remote Deposit Capture

• Branch deposits

• Same-day deposit credit

• Deposit verification

• Deposit adjustments

• Returned deposit processing

• Check payments

• Check printing

• Returned check reporting

• Stop payments

• Check cancelling

11. Describe your cash vault services, location of vault, and location tracking capabilities.

12. Describe cutoff times and same-day processing capabilities.

13. Identify any deposit limits or restrictions.

14. Explain deposit correction procedures and how discrepancies are resolved.

15. Describe coin/currency ordering procedures and turnaround time for order delivery.

16. List all of the bank’s deposit locations within the City of Minneapolis.

17. Describe your remote check deposit capabilities, including procedures, batch sizing and limitations, cutoff times, and any other important information.

18. Describe remote deposit equipment available, procedures and timing to purchase equipment, and related costs.

19. Describe positive pay capabilities and procedures.

20. Describe positive pay exceptions and decision procedures (e.g. defaults, time to responds), and available exception reporting.

21. Describe procedures and reporting for checking returned items.

22. Describe check printing capabilities (i.e. offsite/remote printing of AP check files), time frames, and related costs.

23. Confirm City payroll checks can be deposited at branches free of charge.

24. Describe the process for stop pays on checks, including verification of payment to be stopped, the effective time of the stop, and the options for renewal.

25. Describe the process of cancelling outstanding checks to be escheated and any available reporting and reconciliation capabilities.

E. ELECTRONIC PAYMENTS

The Bank shall support current payment technologies including:

ACH Payments

• ACH Origination

• ACH Collections

• ACH Filters

• ACH Blocks

• Same Day ACH

• ACH Returns

• ACH Notifications of Change

Wire Transfers

• Domestic Wires

• International Wires

• Foreign Currency Wires

• Recurring Wire Templates

• Dual Authorization

• Beneficiary Validation

Real-Time Payments

The Bank shall indicate support for:

• FedNow® Service

• RTP® Network

• Real-Time Confirmation

• Instant Payment Reporting

26. Describe ACH capabilities and the ability to support the items listed. Note daily cutoff times for ACH payments.

27. Describe capabilities for ACH payment stops and reversals.

28. Describe ACH return item process, timing, and reporting capabilities.

29. Describe eCheck payment capabilities.

30. Describe wire payment capabilities and the ability to support the items listed. Note daily cutoff times for wire payments.

31. Describe wire security controls.

32. Describe wire template capabilities and functionality.

33. Confirm wire transfers will receive same day credit.

34. Describe electronic payment approval workflows.

35. Describe electronic payment limits for originators and approvers by payment type.

36. Describe electronic payment fraud controls.

37. Describe electronic payment reporting capabilities.

38. Describe FedNow capabilities.

39. Describe RTP capabilities.

F. FRAUD PREVENTION AND SECURITY

The Bank shall provide comprehensive fraud prevention tools including, but not limited to:

• Positive Pay

• Payee Positive Pay

• Reverse Positive Pay

• ACH Blocks

• ACH Filters

• Wire Approval Controls

• Dual Authorization

• Multi-factor Authentication

• Account Validation Services

• Fraud Monitoring

• Transaction Alerts

• Check Image Verification

• Beneficiary Verification

• Real-time Fraud Detection

• User and Entitlement Management

• Audit Logging

40. Describe your Positive Pay solution capabilities, including Payee and Reverse Positive Pay.

41. Describe real-time fraud monitoring.

42. Describe account validation service options, including GUI or API functions to access Early Warning

Systems

43. Describe MFA functionality.

44. Describe Single Sign-On (SSO) functionality.

45. Describe user administration, including entitlements and view-only access capabilities.

46. Describe any routine fraud reporting options.

47. Describe customer notifications.

48. Describe AI or behavioral fraud detection capabilities currently utilized.

G. TREASURY MANAGEMENT TECHNOLOGY

The City desires a modern treasury management platform supporting:

• Browser-based treasury portal

• Mobile banking

• Mobile approvals

• Cash forecasting tools

• REST APIs

• Secure File Transfer (SFTP)

• API integrations

• ERP integrations

• BAI2 reporting

• ISO 20022 readiness

• Webhooks

• Treasury dashboards

• Real-time balances

• Automated reporting

• Secure document exchange

49. Describe your treasury management platform.

50. Describe available APIs.

51. Describe ERP integration with Workday.

52. Describe PeopleSoft integration capabilities.

53. Describe integration or functional capabilities to Paymentus payments processing platform.

54. Describe any cash forecasting capabilities included with or native to the bank’s platform.

55. Describe mobile banking capabilities and support.

56. Describe API documentation and developer support.

57. Describe available reporting dashboards.

58. Describe future technology roadmap and highlights.

H. REPORTING REQUIREMENTS

The Bank shall provide:

• Daily balance reporting

• Prior-day…